Blue Owl Capital (OWL) Stock: Fees, Dividend and Debt, Q2 2026

What OWL is, and what it is not

Blue Owl Capital Inc. is a holding company whose only business is managing money for others. It charges management fees on the assets of the funds it runs and, in a smaller way, shares in their profits. It is not an investment in any of those funds. When you buy OWL shares you own a slice of the fee stream; when you own OCIC, OTIC, ORENT or OBDC you are one of the people paying it. The 10-Q says so directly: "The majority of the Company’s revenues, including substantially all management fees and certain administrative, transaction and other fees, are earned from the products it manages, which are related parties of the Company."

That is also why the OWL page has different numbers from a fund page: assets under management (AUM), fee-paying AUM (FPAUM), fee-related earnings (FRE) and distributable earnings (DE) instead of net asset value and net investment income. FRE is a measure Blue Owl defines itself; the filings reconcile it to GAAP, and so do we below.

The June 30, 2026 picture, by strategy (earnings presentation, Exhibit 99.2 to the July 30 Form 8-K):

The gap between the two columns is not small: $128.4 billion of AUM does not pay fees today (our arithmetic). The presentation splits it into $31.1 billion "not yet paying fees", which it says would bring "approximately $380 million" of annual management fees once deployed, and the rest, which is fee-exempt or is appreciation and leverage on products charged on cost or commitments. The two measures are built differently. AUM, in Blue Owl's definition, includes "drawn and undrawn debt" and uncalled commitments; FPAUM for its regulated funds is "total assets (including assets acquired with debt but excluding cash)". The filings do not explain why the non-traded BDC line is only 41% fee-paying, and we do not guess.

Fee-related earnings, five quarters

Blue Owl's results presentation reports five quarters side by side:

Management fees have been flat for three quarters, between $657 million and $664 million, after rising every quarter before that. Q2 2026 was 6% above Q2 2025 and slightly below Q1 2026. Fee-related earnings were $392.2 million on fee-related revenues of $693.6 million, which is the 58.5% margin. Full-year 2025 fee-related earnings were $1,496.5 million and distributable earnings $1,309.1 million (10-K, accession 0001823945-26-000009). Q1 2026 distributable earnings were lower because the quarter deducted $69.2 million of taxes and tax-receivable-agreement payments, against $5.9 million in Q2.

Two other lines matter. "Performance revenues", the profit-sharing that headlines about asset managers often lean on, were $102 thousand in Q2, against $979 thousand a year earlier: this is a fee business, not a carry business. And "fee offsets", which reduce management fees for "amortization of incentives paid to certain investors in our products", were $11.1 million in the quarter and $32.8 million over twelve months.

Where the fees come from: Credit, and the BDC slice

GAAP management fees of $661.6 million in Q2 split three ways (presentation, GAAP revenue table):

Credit is the platform our readers' funds sit in, and it is 59% of management fees. Inside it, the item that matters most for a holder of a non-traded BDC is the Part I Fee. Blue Owl defines it as "quarterly performance income on the net investment income of our BDCs, OWLCX and similarly structured products, subject to a fixed hurdle rate", and classifies it as a management fee because it is "predictable and recurring". Credit's Part I Fees were $135.7 million in Q2, 34.7% of Credit's management fees; across the firm they were $137.0 million, 20.7% of all management fees, against $138.0 million a year ago (our arithmetic). Over twelve months they were $572.3 million, 21.8% of $2,630.7 million.

What the filings do not show is how that $137.0 million divides among the listed BDCs (OBDC, OTF), the non-traded BDCs (OCIC, OTIC, OBDC II) and the interval fund. So the share of Blue Owl's earnings that comes from the funds our readers hold cannot be read off the 10-Q. The 10-K names the dependence in a risk factor: if a regulated product's income "were to decline significantly", including "an increase in the number of investors participating in tender offers", then "the amount of the fees we receive from our Regulated Products, including the base management fee and the Part I Fees, would also decline significantly".

The funds our readers hold, as Blue Owl reports them

The earnings presentation has a product table and two BDC dashboards. They are presented on a quarter lag: the table says the vehicles are public filers "not yet filing their quarterly information", so the figures are as of March 31, 2026 (our funds pages have June 30 numbers from the funds' own filings):

For the quarter, Blue Owl's composites show net returns of 1.7% for direct lending (4.8% over twelve months) and 2.5% for net lease (10.8% over twelve months). Those are Blue Owl's own composite measures and exclude funds younger than two years. For each fund's tender results, NAV and payouts as the funds themselves file them, see our pages on OCIC, OTIC, OBDC II, ORENT and the net lease trust review. One footnote on the OCIC slide is worth knowing: "5% of prior quarter NAV is the amount authorized for repurchase by OCIC’s board."

What the filings say about redemptions

This is the section most readers of the stock page are really after. Blue Owl's filings say three things about redemptions in non-traded BDCs, in this order.

Four things are worth reading carefully.

The dollar figures do not line up. The Q1 10-Q says AUM was reduced by "$1.2 billion of redemptions from non-traded BDCs" in the three months to March 31. The Q2 10-Q says the six months to June 30 included "$1.1 billion of redemptions from non-traded BDCs", and repeats $1.1 billion in its fee-paying AUM discussion. If the Q1 figure were right and Q2 were added, the six-month figure could not be lower. The filings do not reconcile the two (rounding, reclassification or a revised definition are possible). Either way, the scale is small against the firm: $1.1 billion is 0.6% of FPAUM and about 2.1% of the $51.5 billion of non-traded BDC AUM (our arithmetic). What the figure measures, repurchases actually paid versus requests received, is not stated.

The 10-K sentence is about requests being satisfied, and the 2026 sentences are not. Blue Owl's filings do not say whether any non-traded BDC prorated a tender in 2026. Our own pages, built from each fund's tender filings, show that OCIC and OTIC did buy only part of what holders asked for in 2026, and that OBDC II ended tender offers in February 2026 and moved to return-of-capital distributions. None of that appears in OWL's 10-K, 10-Qs or earnings deck. We found no use of "gate" or "gating" in them, and OBDC II appears only in the list of BDCs Blue Owl manages. A reader who wants the redemption facts has to go to the funds' own filings.

"Permanent capital" includes tendered products. Blue Owl's definition: permanent capital is "AUM in products that have an indefinite term and do not have a requirement to exit investments and return the proceeds to investors after a prescribed period. Some of these products, however, may be required or can elect to return all or a portion of capital gains and investment income, and some may have periodic tender offers or redemptions." The 10-K adds that redemptions in such products "can only be made after significant lock-up periods". Permanent capital was $225.0 billion at June 30, 2026, 70.5% of AUM (our arithmetic), $224.8 billion at March 31, and it produced about 85% of FRE management fees over twelve months. That makes the fee base stable by contract design, but not immune from investors asking for money back.

The company's own risk factors say what happens if requests grow. The 10-K: "We are vulnerable to an increased number of investors seeking to participate in share repurchase programs or tender offers of our non-traded products." More repurchases "could lead to a decline in the management fees and incentive fees we receive". It also says that prolonged disruptions "have caused a number of similar products to deny repurchase requests or to suspend or partially suspend their share repurchase programs" and that "Any repurchases of less than amounts requested could undermine investor confidence in our non-traded products and harm our reputation."

New money is also the other half of the story. Blue Owl raised $7.6 billion of equity capital in Q2, and $13.8 billion from private wealth investors over twelve months, $1.7 billion of it in Q2 "primarily driven by net lease and direct lending". Its continuously offered BDCs raised $0.3 billion in the quarter. Credit's total raise was $1.8 billion in the quarter, while Credit paid out $4.8 billion of distributions (our arithmetic from the AUM roll-forward: new capital $1,763 million, distributions $4,782 million).

From fee-related earnings to GAAP net income

OWL's GAAP result looks nothing like its fee earnings. Q2 net income attributable to Class A shareholders was $11.4 million, $0.02 a share, against fee-related earnings of $392.2 million. The gap is explained by items Blue Owl's reconciliation lists line by line:

The three equity-compensation lines add to $185.9 million, 47% of fee-related earnings (our arithmetic), and Blue Owl treats them as a non-cash add-back. Stock compensation is a cost to shareholders through dilution, and the share count reflects it: Class A Shares outstanding were 683,908,596 at June 30, 2026. The last line also matters: holders of Common Units own about 56% of the operating group's economics ("approximately 56% weighted average economic interest" in Q2), so most of the GAAP profit is allocated away from Class A holders before it reaches the $0.02. That is why Blue Owl reports per-share figures on 1,578,854,526 "adjusted shares", which include the units, and why its dividend is paid on those too. The 10-Q says it will "make corresponding distributions to holders of Common Units and Incentive Units".

The dividend against earnings

Blue Owl pays a fixed quarterly dividend set once a year. For 2026 the target is $0.92, or $0.23 a quarter (10-Q), after $0.90 in 2025 ($0.225 a quarter, 10-K). The August 8-K declared $0.23 payable August 27, 2026 to holders of record on August 13. The sums:

The dividend was covered by fee-related earnings every quarter and was not covered by distributable earnings in the first half. Distributable earnings is the number Blue Owl says it sets the dividend from ("based on our expected annual Distributable Earnings"), and in Q1 it deducts $69.2 million of taxes and TRA payments that Q2 did not. The 10-Q also says: “We intend to increase our fixed dividend each year, in line with our expected growth in Distributable Earnings.” It adds that the board “may change our dividend policy at any time, including, without limitation, to reduce or eliminate dividends entirely.” On top of the dividend, Blue Owl expects to pay about $1.7 billion under the tax receivable agreement over time. In the first half of 2026 it repurchased 1,710,117 Class A Shares for $25.0 million, none of them in the second quarter. The last-four-quarters row assumes each 2025 quarter paid $0.225, which is what the fixed-quarterly policy and the $0.90 annual total imply. The filings do not give a yield, because a yield needs a share price, and the filings do not contain one.

Debt: $3.85 billion, a new 2036 bond, and the revolver

Blue Owl's debt at June 30, 2026 was $3,854.8 million, up from $3,369.8 million at December 31, 2025 (10-Q, Note 7):

The existing notes total $2,509.8 million, with coupons of about $120.7 million a year (our arithmetic). The revolver is where the 2026 growth in debt sits: up $485 million in six months, and $925.0 million outstanding as of July 31. On August 11 a subsidiary, Blue Owl Finance LLC, priced $750 million of 6.750% notes; the 8-K says the company "intends to use the net proceeds from the offering to repay a portion of outstanding borrowings under its revolving credit facility". The notes pay interest on February 18 and August 18 from February 18, 2027, and carry a change-of-control put at 101%. Their coupon is about $50.6 million a year (our arithmetic). The filings do not give a pro-forma debt figure after the repayment, so we do not either.

Interest expense was $47.7 million in Q2, 12.2% of fee-related earnings (our arithmetic). Total debt at June 30 was about 2.4 times last-twelve-month fee-related earnings of $1,578.6 million, a rough ratio that is ours, not Blue Owl's. The earnings presentation shows ratings of BBB+, Baa2 and BBB, in the slide's order Fitch, Moody's and S&P, a 3.8% after-tax cost of debt on the notes and an average note maturity of about nine years.

How OWL differs from the funds it manages

For a reader who holds a non-traded vehicle, the relationship is a trade-off, not a reassurance in either direction. The manager is paid on assets and, for BDCs, on income (the Part I Fee), so its revenue depends on the fund staying large; the fund investor carries the credit losses, the leverage and the liquidity limits. OWL's shares trade every day; a non-traded BDC's do not, and its exit is a quarterly tender that the board can size. Those are different risks held against the same underlying loans. Blue Owl's own filings show the two moving apart this year: Credit fee-paying assets are shrinking slightly, redemption requests are described as "elevated", and fee-related earnings are still growing because Real Assets and GP Strategic Capital are growing faster. For how this looks inside a single BDC, see private credit funds in 2026, the non-traded BDC list, the private credit crisis tracker of BDC non-accruals and the list of BDC stocks.

What a holder or reader can do with this

This page is analysis of public documents, not investment, legal or tax advice. These are the checks the filings support.

• If you own OWL shares, test the dividend with distributable earnings, not GAAP income, and watch the second number: Credit fee-paying assets. They were $99.5 billion at December 31, 2025, $98.9 billion at March 31 and $97.2 billion at June 30. The third-quarter results have not been filed as of October 15, 2026.
• If you own a Blue Owl non-traded fund, do not use OWL's 10-Q to learn what happened to tender requests. It says "elevated" and "satisfied" in general terms and gives a dollar figure that does not reconcile between quarters. The fund's own tender-offer filings and monthly 8-Ks give the shares requested, the shares bought and the NAV.
• Read "permanent capital" as a label. About 85% of management fees come from products whose definition includes periodic tenders; that is a statement about contract length, not about whether investors can ask for money back.
• Compare the two time stamps. The funds table above is as of March 31, 2026, one quarter behind OWL's other numbers; the funds' own June 30 figures can differ.
• Look for what is missing. Fees by fund are not disclosed. Neither is any fee loss attributable to redemptions. If a later 10-Q gives either, it changes this page.

FAQ

All figures are from Blue Owl Capital Inc. (CIK 1823945) SEC filings read on EDGAR on October 15, 2026: the Form 8-K of July 30, 2026 with its press release and earnings presentation (Exhibits 99.1 and 99.2, accession 0001823945-26-000036); the Form 10-Qs for the quarters ended June 30, 2026 (0001823945-26-000040) and March 31, 2026 (0001823945-26-000026); the Form 10-K for 2025 (0001823945-26-000009); the Q1 2026 earnings presentation (0001823945-26-000022); and the Form 8-Ks of August 12 (0001193125-26-345635) and August 18, 2026 (0001193125-26-355671). The latest Blue Owl filing found was a Form 144 of September 1, 2026. Percent shares, coverage ratios, sums and debt ratios are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.